Private investment group Forest Properties of Massachusetts purchased the 428-unit multifamily community from New York-based TGM Associates for an undisclosed amount.

Beechstone Luxury Apartments consists of 71 two-and-a-half story buildings situated on 54.2 acres. The property was built in three phases between 1973 and 1986, and offers six separate two- and three-bedroom floor plans ranging from 800 square feet to 1,600 square feet. Its total rentable area amounts to 430,142 square feet.

As part of its value-add strategy, Beechstone’s new owner is now planning to invest in interior unit upgrades. The community underwent a similar program in 2008.

Robinson commented that the property is located just two miles from historic downtown Portsmouth, with easy access to major employers including Portsmouth Regional Hospital, Liberty Mutual Insurance, Lonza Biologics, Serco Services, Sprague Resources, and Newmarket International.

“The southern New Hampshire rental market is one of the tightest in the country, with solid year-over-year rent growth and vacancy between 3 percent and 4 percent,” Athas added in prepared remarks. “The state’s 3.8 percent unemployment rate, low tax environment, and excellent quality of life all contribute to the solidity of the market for rental properties in New Hampshire.”

Additionally, according to Lamere, the Granite State exhibits solid market fundamentals which are driving new-found interest into the region. “Bidding on Beechstone was very competitive and we are seeing increased interest in New Hampshire from major investors,” he concluded.